• Wednesday, May 29, 2024
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BusinessDay

Lafarge rises by most in 9-months on bargain hunting

Lafarge Africa

Barely 24hours after announcing its closed period in preparation for the consideration of its 2019 audited financial result, shares of cement-maker, Lafarge surged 10percent, the highest allowed in a day trading on Tuesday as bargain hunters and renewed appetite for Lafarge shares drove the price to N11.

The last time Lafarge shares gained 10perccent was in June 21, 2019.

In a release to the exchange dated 16th March, the management announced the closed period for trading the Company’s shares to start from the 16th of March 2020 until the 2019 Audited Financial Statement is released on the floor of the Nigerian Stock Exchange (NSE).

According to NSE rule book 17:18, the period of closure shall be effective from fifteen days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to declaration of financial results, up to twenty-four hours after the price sensitive information is submitted to The Exchange.

During this period, no director, person discharging managerial responsibility and adviser of the Issuer and their connected persons shall deal in the securities of the Issuer when the trading window is closed.

 

OLUFIKAYO OWOEYE